Banks breathe ‘sigh of relief’ as Supreme Court backs Barclays in APP fraud case July 12, 2023 Banks will not face extensive new duties to prevent authorised push payment (APP) fraud after the Supreme Court sided with Barclays in a closely watched case. The ruling means banks will not be held liable for fraudulent transactions requested by customers, avoiding a potential wave of fraud litigation. “There will definitely have been some deep [...]
Barclays, Shell and BP feel the heat as activist investors launch record green campaigns July 4, 2023 Shell, BP and Barclays have felt the wrath of activist investors this year as corporate pressure campaigns are launched in record numbers across Europe, new research shows. The number of activist campaigns in Europe has climbed each month this year to a total of 25 campaigns by May, fuelled by a spike in environmental campaigns [...]
Savings rates: Big banks to meet regulator this week after ‘blatant profiteering’ claims July 4, 2023 Banks will meet with the regulator this week to discuss the savings rates on offer as pressure grows on the UK’s largest lenders to avoid so-called ‘profiteering’. Heads of the largest UK banks – including Lloyds, NatWest, Barclays and HSBC – will meet with the Financial Conduct Authority on Thursday, according to people familiar with [...]
HSBC, Barclays, Lloyds and NatWest under fire for ‘measly’ savings rates… again July 3, 2023 Banks are in the firing line for low savings rates once again after the big four lenders received another letter from the influential Treasury Committee. Writing to the UK heads of the big four banks, Harriet Baldwin – chair of the Treasury Committee – said the Committee was “concerned that banks’ savings rates remain too [...]
FTSE 100 close: Banks regain ground amid interest rate concerns as Vodafone slumps June 26, 2023 London’s FTSE 100 was dragged into the red today, driven by Britain’s largest banks struggling amid concerns about how much higher UK interest rates will go and Vodafone tumbling. The capital’s premier index fell 0.11 per cent to 7,453.59 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Hunt and big banks vow to ease mortgage pain with repossessions grace period June 23, 2023 Mortgage holders will get a 12-month grace period before banks begin repossessions on their homes, Jeremy Hunt has announced, after a crunch meeting with lenders at No11. The Chancellor said ministers were “particularly worried” about people falling behind on payments or having to switch deals at the end of a fixed rate mortgage. He announced [...]
NatWest, Lloyds, HSBC, Barclays and Santander leaders meet Jeremy Hunt in ‘productive’ mortgage crisis talks June 23, 2023 Bank bosses held a “productive” meeting with Chancellor Jeremy Hunt as the rates increase worsens the mortgage crisis. Natwest chief executive Alison Rose, speaking to reporters as she left Downing Street, said lenders were “doing everything we can” and were “very keen” to help customers. Lloyds Banking Group boss Charlie Nunn described the meeting as [...]
Credit fears send bank shares lower after Bank of England lifts rates by 50bps June 22, 2023 Shares in the UK’s biggest banks today fell after the Bank of England raised interest rates by 50 basis points, heaping more pain onto borrowers. The Bank’s Monetary Policy Committee reverted to a larger rate hike after inflation remained stuck at 8.7 per cent last month. It was the 13th rate hike in a row [...]
Barclays, Lloyds, Halifax and Bank of Scotland to shut 63 more branches – including in London June 2, 2023 Two of the country’s biggest banking giants have announced they are slashing another 63 branches, taking away services from local communities around the UK. Barclays and Lloyds Banking Group between them announced a series of closures which are due to take place later this year or early next year. Barclays said on Friday it was [...]
UK mortgage holders will see payments rise to 30 per cent of their income, Barclays boss warns May 24, 2023 UK mortgage holders will see their monthly payments jump to up to 30% of their income from about 20% over the past few decades, the boss of Barclays has said. CS Venkatakrishnan, known as Venkat, said the sharp rise in interest rates will lead to a “huge income shock” by the end of next year. [...]